Audiovox Corp. announced results for its fiscal 2008 second quarter and six months ended Aug. 31, 2007. Net sales for the fiscal 2008 second quarter were US$148.3 million, an increase of 52.2% compared to $97.4 million reported in the comparable prior year quarter. Net income was $3.7 million or $0.16 per diluted share compared to a net loss of $2.0 million or a loss of $0.09 per diluted share in the fiscal 2007 second quarter.
Electronics sales, which include both mobile and consumer electronics were $107.3 million, an increase of 13.9% compared to $94.2 million reported in the three-month period ended Aug. 31, 2006. Partially offsetting the increase was lower sales of consumer electronics products due to the continuing shortage of LCD panels, which continued to impact sales of LCD TV's, portable DVD's, and digital picture frames. Additionally, a decline in certain OEM programs and lower sales of mobile video and aftermarket security products impacted top-line growth. As a percentage of net sales, Electronics represented 72.3% compared to almost 97% in the comparable fiscal 2007 quarter.
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